Fort Lauderdale-based BBX (NYSE: BBX) said that Bluegreen, a timeshare developer based in Boca Raton, submitted a draft registration statement to the Securities and Exchange Commission about a possible IPO for a minority interest in the company. The terms and timing of the potential IPO have not been determined.
Shares of BBX were up 11.5 percent to $7.06 on Tuesday morning.
Bluegreen was once publicly traded, with BBX owning much of its stock. BBX acquired all of Bluegreen’s outstanding shares in 2013. Since BBX is the shareholder of Bluegreen, it could receive the proceeds of a public offering and it would still control the majority of Bluegreen stock following the deal.
In the first half of 2017, Bluegreen had income before taxes of $72.2 million, up from $48.4 million in the same period a year ago. It generates revenue from selling vacation ownership interests (timeshares) in its properties, brokering timeshare sales for third parties, sales commissions, and resort management fees. It sold $292.5 million in timeshares in the first half of 2017
Bluegreen has over 60 resorts with more than 200,000 owners.